This Friday, the informal currency market in Cuba continues to see rising rates, presenting a challenging economic scenario for the population. The U.S. dollar (USD) is trading at 327 Cuban pesos (CUP), whereas the euro (EUR) is priced at 340 CUP, cementing its position as the most expensive currency in the black market. Meanwhile, the Freely Convertible Currency (MLC), used for purchasing goods in state-run stores, is valued at 270 CUP.
These black market rates highlight the depreciation of the Cuban peso against foreign currencies, driven by a high demand for various products and a limited supply. The pricing directly affects the daily transactions of citizens, including the purchase of food, essential goods, and remittances.
The disparity between the official exchange rate and the informal one underscores the disconnect between state economic policy and the reality of Cuba's shadow market.
Exchange Rate as of 12/13/2024 - 6:12 AM in Cuba:
USD to CUP rate according to elTOQUE: 327 CUP
EUR to CUP rate according to elTOQUE: 340 CUP
MLC to CUP rate according to elTOQUE: 270 CUP
Conversion of available bills to Cuban pesos (CUP):
- U.S. Dollars (USD):
- 1 USD = 327 CUP
- 5 USD = 1,635 CUP
- 10 USD = 3,270 CUP
- 20 USD = 6,540 CUP
- 50 USD = 16,350 CUP
- 100 USD = 32,700 CUP
- Euros (EUR):
- 1 EUR = 340 CUP
- 5 EUR = 1,700 CUP
- 10 EUR = 3,400 CUP
- 20 EUR = 6,800 CUP
- 50 EUR = 17,000 CUP
- 100 EUR = 34,000 CUP
Understanding Cuba's Black Market Exchange Rates
Why is the black market exchange rate in Cuba higher than the official rate?
The higher black market rates are due to the significant difference between supply and demand, as well as the limited availability of foreign currency in the official market.
How does the exchange rate impact everyday life in Cuba?
Exchange rates affect the cost of imported goods, influencing prices for everyday essentials, food, and remittances, thereby impacting the cost of living for Cubans.